WASHINGTON, DC – Along with an extension by the USDA to the deadline for ranchers and farmers to apply for another round of the Coronavirus Food Assistance Program (CFAP), at least one congressman has introduced legislation to provide producers with more flexibility in applying for the Paycheck Protection Program (PPP).
American Farm Bureau recently asked new Ag Secretary Tom Vilsack to add 30 days to the February 26th CFAP application deadline, citing confusion from the regulatory review process and disruptions from recent severe, winter storms.
Meanwhile, Minnesota Republican U.S. Representative Jim Hagedorn, who serves on the House Ag Committee, has introduced a bill that would allow ranches and farms categorized as partnerships, like LLC’s, to use gross income when calculating maximum PPP loan amounts.
Loan amounts to ag partnerships are currently based on net income, which Hagedorn says prevents many producers from receiving the highest loan possible.
